New Zealand shares reached a record high for the fourth straight day on Monday, as cash-rich investors pushed the market within striking distance of the psychological 3,000 level. The NZSX-50 Index climbed 19.81 points, or 0.67 percent, to close at 2,988.31 on turnover of NZ$76 million ($54 million). "There's quite a bit of cash around still and with the economy continuing to be solid, corporate earnings still look well supported and so do share prices," said First NZ Capital broker Don Lewthwaite.
Top stock Telecom Corp outperformed, easing just three cents to NZ$6.02, a far smaller fall than the 9.5 cent dividend it paid out.
The benchmark index is adjusted for dividend payouts.
A raft of other stocks set new or multi-year highs. Fletcher Building rallied a further six cents, or 1 percent, to an all-time high of NZ$6.16. Auckland International Airport also re-visited its all-time high of NZ$7.77, up five cents on the day.
Courier company Freightways, which last week reported a strong start to the current fiscal year on the back of a buoyant domestic economy, gained five cents to NZ$3.01, two cents below its record earlier in the session.
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